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The Pakistan Credit Rating Agency Limited
Press Release

Date
11-Oct-21

Analyst
Shayan Farooq
shayan.farooq@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraws Entity Ratings of Kangore Traders

Rating Type Entity
Current
(11-Oct-21 )
Previous
(29-Oct-20 )
Action Withdraw Upgrade
Long Term - BBB
Short Term - A2
Outlook Stable
Rating Watch - -

Subsequent to the management's decision to discontinue the entity ratings of Kangore Traders
PACRA withdraws the entity ratings with immediate effect.

About the Entity
Kangore Traders is a sole proprietorship established in 1996, 100% owned by Mr. Nawal Rai. The Chairman and Chief Executive, Mr. Nawal is a graduate from Sindh University. Kangore’s core business involves processing and trading of rice in locally and international markets. Kangore has five processing units, with a total capacity of 40 M.Tons per hour and a storage area of ~ 4 acres, located in Landhi, Karachi.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.